PANews reported on April 29 that according to Bitcoin.com, Stacks Asia DLT Foundation announced that it has completed registration in the Abu Dhabi Global Market (ADGM) and will focus on promoting the development of Bitcoin Layer2 solutions in the Middle East and Asia. The foundation plans to rely on ADGM's distributed ledger technology (DLT) regulatory framework to promote the development of Bitcoin programmable applications including sBTC through educational programs, policy formulation support and ecological construction.
Stacks, an entity associated with the foundation, operates a Bitcoin Layer2 network that aims to expand Bitcoin's functionality without changing its underlying protocol. The foundation said it will use Hong Kong as its Asia-Pacific operations hub, focusing on expanding Bitcoin's application scenarios in the DeFi field, such as lending and trading services. The CEO of the ADGM Registry pointed out that this move is in line with the region's strategic goal of building a digital asset innovation center.
